G-7 asks oil producers to increase output

WASHINGTON (MarketWatch) - The finance ministers of the seven leading industrial economies on Tuesday stopped short of asking the International Energy Agency to release emergency oil inventories but said they were monitoring the situation in oil markets closely. In a statement, the G-7 said there were substantial risks to the global economy from elevated oil prices. The ministers asked oil-producing countries to increase their oil output. "We encourage oil-producing countries to increase their output to meet demand, while drawing prudently on excess capacity," the statement said. They noted that Saudi Arabia had committed earlier in the summer to mobilize spare capacity to ensure adequate supply. The current rise in prices was due to geopolitical concerns and certain supply disruptions, the statement said.

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